Paul Moriji/Getty Images(NEW YORK) — The secretary of commerce dismissed criticism that President Donald Trump’s proposed tariffs on imported steel and aluminum would lead to a loss of U.S. jobs and price hikes for consumers.

“The total amount of tariffs we’re putting on is about $9 billion a year. That’s a fraction of 1 percent of the economy,” Commerce Secretary Wilbur Ross told told ABC News Chief Anchor George Stephanopoulos on “This Week” Sunday. “So the notion that it would destroy a lot of jobs, raise prices, disrupt things is wrong.”

Trump proposed Thursday slapping a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum. The announcement led to stock market drops amid the fear the charges could launch a global trade war.